Employee Benefit Plans

6 Months Ended

Dec. 31, 2012

Employee Benefit Plans [Abstract]

Employee Benefit Plans

(10)Employee Benefit Plans

Defined Benefit Plan

The components of net periodic pension costs related to the defined benefit pension plan for the six and three months ended December 31, 2012 and 2011 were as follows:

	Six months ended December 31,		Three months ended December 31,
(in thousands)	2012	2011	2012	2011
Interest cost	$88	$108	$44	$54
Expected return on plan assets	(102)	(112)	(51)	(56)
Amortization of net loss	38	18	19	9
Net periodic pension cost	$24	$14	$12	$7

The Company made a contribution to the defined benefit pension plan during the six months ended December 31, 2012 in the amount of $1.5 million.The Company does not anticipate that it will make any additional contributions during fiscal 2013.

  SERP

On June 21, 2010, the Board of Directors of The Bank of Greene County adopted The Bank of Greene County Supplemental Executive Retirement Plan (the "SERP Plan"), effective as of July 1, 2010. The SERP Plan will benefit certain key senior executives of the Bank who are selected by the Board to participate.

The SERP Plan is intended to provide a benefit from the Bank upon retirement, death or disability or voluntary or involuntary termination of service (other than "for cause"). Accordingly, the SERP Plan obligates the Bank to make a contribution to each executive's account on the first business day of each July and permits each executive to defer up to 50% of his or her base salary and 100% of his or her annual bonus to the SERP Plan, subject to the requirements of Section 409A of the Internal Revenue Code ("Code"). In addition, the Bank may, but is not required to, make additional discretionary contributions to the executives' accounts from time to time. An executive becomes vested in the Bank's contributions after 10 calendar years of service following the effective date of the SERP Plan, and is fully vested immediately for all deferral of salary and bonus. However, the Executive will vest in the present value of his or her account in the event of death, disability or a change in control of the Bank or the Company. In the event the executive is terminated involuntarily or resigns for good reason following a change in control, the present value of all remaining Bank contributions is accelerated and paid to the executive's account, subject to potential reduction to avoid an excess parachute payment under Code Section 280G. In the event of the executive's death, disability or termination within two years after a change in control, executive's account will be paid in a lump sum to the executive or his beneficiary, as applicable. In the event executive is entitled to a benefit from the SERP Plan due to retirement or other termination of employment, the benefit will be paid in 10 annual installments.

The net periodic pension costs related to the SERP for the three and six months ended December 31, 2012 were $25,000 and $47,000, respectively, consisting primarily of service and interest costs.The net periodic pension costs related to the SERP for the three and six months ended December 31, 2011 were $29,000 and $42,000, respectively, consisting primarily of service costs.The total liability for the SERP was $513,400 and $369,000 as of December 31, 2012 and June 30, 2012, respectively.